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As if this year hasn’t already had enough thrown at it with the bushfires and flash floods, we are now in what is considered to be a pandemic due to the outbreak of the Coronavirus. CNN describes a pandemic as the "worldwide spread" of a new disease. A magnitude of businesses’ have already been affected by the outbreak across various industries. For some, it may be positively (i.e. toilet paper companies/ hand sanitiser companies etc.), but for the majority of businesses, it will probably have a largely damaging affect.

Manufacturers, education and training businesses are already largely being hurt by the coronavirus outbreak as well as travel and tourism businesses, community services, business services, property, and so on. 

Will it affect your business? In short, yes, in some way or another. The way businesses are being impacted are twofold, as it is firstly in that consumers are less likely to be spending their disposable income on the little extras in life, the luxuries (travel/ restaurants/ unnecessary items etc) but also in that businesses are understaffed due to staff either being affected by the virus personally or are scared to be out in public out of fear. This then leads to reduced productivity which can also reduce a business’ profits.

 

“The all-round impact of the coronavirus is having an increasing impact on general confidence, which in turn has a negative effect on retail foot traffic. We’ve already seen restaurants close due to the decline in customers, particularly in places heavily reliant on Chinese-owned businesses such as Chinatown,” said Roy Morgan CEO Michele Levine.

There is also the possibility of an upcoming forced quarantine Australia wide, which will have detrimental consequences to a huge amount of businesses.

For this reason, it is essential to prepare for the worst when it comes to your business’ survival. The Australian government has put some initiatives in places for businesses including:

  • Increasing the Instant Asset Write-off
  • Backing Business Investment
  • Boosting cash flow for employers
  • Supporting apprentices and trainees.

If you need assistance or advice in keeping you/ your client’s business afloat during these trying times, contact our experts now. We can assess your business and see if your business is eligible for any of the above government initiatives, and what other options you may have.

Don’t panic at a time where your business’s survival is reliant on keeping calm and planning. Contact us now and we can determine the next steps and the best course of action for you or your client’s business.